Global Asset Allocation Strategy INCREASE EQUITIES TO OVERWEIGHT • Risk/reward has in our view improved with continued monetary support, that should feed through to better growth prospects. Decreasing geopolitical risks and less bad than feared earnings contribute to the view,
Equity Market Update Markets in 2019 Monetary to fiscal stimulus Too early to get out of equities?
Mid-cap stocks have often been overlooked in favor of other size ranges in investment practice and in academic literature. Yet mid-caps have outperformed large- and small-caps, historically: the S&P MidCap 400 has beaten the S&P 500 ® and the S&P
Geopolitical détente reduces uncertainty Our outlook for 2020 is relatively optimistic, predicated on the ongoing improvement in recent geopolitical developments – or at least a lack of deterioration thereof. In our view, the US-China trade war remains the single most
Het klimaat op financiële markten verbetert doordat centrale banken de liquiditeitskraan opendraaien en omdat de handelsoorlog niet verder oplaait. Aandelen naar neutraal, maar liquiditeiten blijven favoriet Er breekt een waterig zonnetje door op financiële markten. Dat is voor een groot deel te danken
The dollar's bull run should come to an end, weighing on US equities. Emerging market debt, European equities and value stocks have the potential to outperform. Tread carefully. The path to strong investment returns in 2020 won't be a smooth
ING Beleggingsvisie 2020 In Beleggingsvisie 2020 staan twee vragen centraal, namelijk: ‘Hoe ziet de toekomst er op iets langere termijn uit?’ en: ‘Welke lessen kunnen we trekken uit de periode 2010 – 2020?’ Natuurlijk vind je hier ook onze rendementsverwachtingen
Trade Wars, Elections and Value Rotation – Oh My. What’s next? In today’s volatile world the “What is Next?” question is on every investors’ mind. Despite all the geopolitical and economic uncertainties the US equity markets performed well this year,
Investment Perspective The short-term drivers of market performance are not always clear, but an improving outlook toward economic growth seems to be a clear contributor to the recent rally in equities. At the same time, a rapidly slowing manufacturing sector
Global Market Outlook (In-brief) An improving outlook • We retain a constructive view on risk assets (equities and credit) and multiasset income strategies, especially over the next 3-6 months. • Within equities, we have a preference for Developed Markets. The
Summary – Equities, and other risk assets, continues to price in a more positive economic outlook than the one which we are foreseeing The stabilization which we have seen in tactical macro data over October is in our view not
Summary European equities rose this month, for once without any new stimulus from central banks. Instead, improving economic data saw both stock prices and bond yields rise. The S&P Europe 350 gained 3%, keeping it on track for its best year since 2009.
This paper assesses both the extent and impact of home bias in the equity allocation of five large pension fund markets by examining the characteristics, performance and return/risk profiles of each market. The findings reveal interesting variations in the impact
Global equity markets delivered a roller-coaster ride for investors over the past year as worries about trade disputes and slowing economic growth escalated. Even so, equities continued to deliver large gains. By late October, the S&P 500 ® Index hit
In brief: Investors are increasingly frustrated after years of non-US equity underperformance While US fundamentals appear to be superior, a closer look suggests the gap may be narrower than it seems With financial alchemy potentially reaching its limits, true fundamentals
Thematic equity investing focuses on markets that are growing faster than the broader global economy due to a range of long-term, secular growth drivers. It seeks out businesses that will be at the forefront of long-term growth themes – Safety,
Corporate earnings expectations have continued to fade as the impact of a global growth slowdown and related trade frictions take hold at the company level. Trade tensions between the United States and China remain elevated though negotiations aimed at reaching
The extended length of the current economic cycle obscures the many mini-cycles in industrial and consumer sectors – early identification of these periods can provide the potential for meaningful alpha opportunities. Companies that embrace digitalization, data capture and the use
The global economy is approaching a crossroad and we are looking to see how policy makers respond, in particular Chinese authorities and the U.S. Federal Reserve (Fed). In our view, the most powerful responses would be a U.S.-China trade deal
We have held a cautious view on the outlook for equity markets for much of this year, seeing their prospects capped to the upside by downward pressure on earnings and worries about elevated recession and trade risk, and supported on
S&P 500 record high plus anemic EPS growth equals rich valuation Fair P/E is driven by real EPS growth plus dividend yield vs. real cost of equity Median S&P 500 ex-Financials trailing P/E is 21x, median forward P/E 19.5x Healthy
Year-to-date, Swiss and Global equity funds continue to deliver strong absolute and relative performances, ranking in the top quartile versus their peer groups. Despite short-lived sector/style rotations into oversold value names, the ytd performance of the MSCI AC World reached
Year-to-date, Swiss and Global equity funds continue to deliver strong absolute and relative performances, ranking in the top quartile versus their peer groups. Despite short-lived sector/style rotations into oversold value names, the ytd performance of the MSCI AC World reached
Third quarter earnings are expected to decrease 4.7% from Q3 2018. Excluding the Energy sector, earnings are expected to decrease 1.7%. Third quarter revenue is expected to increase 1.5% from Q3 2018. Excluding the Energy sector, revenues are expected to
Investors have been troubled by the region recently, with a growing feeling that it is mirroring Japan’s ‘lost decade’. But there are reasons to be positive about it, and we are bullish on defensive stocks which we believe are currently
Our conference #UBPInvestmentOutlook had a full house in London last week! Our experts shared their 2020 outlook for the global economy and more specifically for the UK. Thank you all for coming!
Zal zijn laatste woorden aan mij nooit vergeten. Over woorden gesproken: toen ik Volcker de eerste keer ontmoette, was zijn eerste vraag:"Hoe is het met Andre Szász?" Ik had 15 minuten met hem. Het werd 1,5 uur! Er was een klik. RIP
De Asset Allocatie Awards komen er weer aan! Nominaties komen deze week, winnaars op 4 februari 2020... Hier een sfeer inpressie van vorig jaar -> https://t.co/c36HWpyGVx
SAVE THE DATE 4 Februari 2020! #AAA2020 #JubileumEditie https://t.co/RWVaNl0PCk
